WILLY VANHOUTTE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
WILLY VANHOUTTE
Largest movements
- Cash +€34,850
up €34,850 (+34.4%), from €101,297 to €136,148
mainly Trade debts (+€44,083) and Receivables within one year (+€29,241)
- Receivables within one year -€29,241
down €29,241 (-31.4%), from €93,224 to €63,983
of which Trade receivables: -€36,675
- Trade debts +€44,083
up €44,083 (+152%), from €28,939 to €73,022
- Tax, wage and social debts -€22,490
down €22,490 (-14.7%), from €153,189 to €130,698
of which Remuneration and social security: -€16,502
- Reserves +€18,794
up €18,794 (+2.5%), from €742,879 to €761,672
of which Distributable reserves: +€111,414
- Gross operating margin -€131,534
down €131,534 (-28.6%), from €459,992 to €328,457
- Staff costs -€23,778
down €23,778 (-8.0%), from €295,541 to €271,763
- Taxes -€23,695
down €23,695 (-91.3%), from €25,961 to €2,265
- Financial income +€19,385
up €19,385 (+140%), from €13,880 to €33,265
- Depreciation -€6,263
down €6,263 (-27.1%), from €23,082 to €16,819
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,847,141 | €1,864,659 | +€17,518 | +0.9% |
| Fixed assets | 21/28 | €45,942 | €51,252 | +€5,310 | +11.6% |
| Intangible fixed assets | 21 | €164 | €0 | -€164 | -100% |
| Tangible fixed assets | 22/27 | €45,778 | €51,252 | +€5,474 | +12.0% |
| Plant, machinery and equipment | 23 | €42,190 | €48,708 | +€6,517 | +15.4% |
| Furniture and vehicles | 24 | €3,129 | €2,266 | -€863 | -27.6% |
| Other tangible fixed assets | 26 | €459 | €279 | -€180 | -39.2% |
| Current assets | 29/58 | €1,801,199 | €1,813,407 | +€12,208 | +0.7% |
| Stocks and contracts in progress | 3 | €1,592,008 | €1,605,838 | +€13,830 | +0.9% |
| Stocks | 30/36 | €1,592,008 | €1,605,838 | +€13,830 | +0.9% |
| Amounts receivable within one year | 40/41 | €93,224 | €63,983 | -€29,241 | -31.4% |
| Trade receivables | 40 | €72,624 | €35,949 | -€36,675 | -50.5% |
| Other amounts receivable | 41 | €20,600 | €28,034 | +€7,434 | +36.1% |
| Cash at bank and in hand | 54/58 | €101,297 | €136,148 | +€34,850 | +34.4% |
| Deferred charges and accrued income | 490/1 | €14,669 | €7,439 | -€7,231 | -49.3% |
| Total equity and liabilities | 10/49 | €1,847,141 | €1,864,659 | +€17,518 | +0.9% |
| Equity | 10/15 | €761,479 | €780,272 | +€18,794 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €742,879 | €761,672 | +€18,794 | +2.5% |
| Tax-exempt reserves | 132 | €183,135 | €90,515 | -€92,620 | -50.6% |
| Distributable reserves | 133 | €559,744 | €671,157 | +€111,414 | +19.9% |
| Amounts payable | 17/49 | €1,085,662 | €1,084,387 | -€1,275 | -0.1% |
| Amounts payable within one year | 42/48 | €1,075,805 | €1,080,059 | +€4,254 | +0.4% |
| Trade debts | 44 | €28,939 | €73,022 | +€44,083 | +152% |
| Suppliers | 440/4 | €28,939 | €73,022 | +€44,083 | +152% |
| Taxes, remuneration and social security | 45 | €153,189 | €130,698 | -€22,490 | -14.7% |
| Taxes | 450/3 | €89,233 | €83,245 | -€5,988 | -6.7% |
| Remuneration and social security | 454/9 | €63,956 | €47,454 | -€16,502 | -25.8% |
| Other amounts payable | 47/48 | €893,678 | €876,339 | -€17,338 | -1.9% |
| Accrued charges and deferred income | 492/3 | €9,857 | €4,328 | -€5,530 | -56.1% |
| Non-recurring operating income | 76A | €0 | €870 | +€870 | |
| Remuneration, social security and pensions | 62 | €295,541 | €271,763 | -€23,778 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,082 | €16,819 | -€6,263 | -27.1% |
| Other operating charges | 640/8 | €3,023 | €1,805 | -€1,218 | -40.3% |
| Gross operating margin | 9900 | €459,992 | €328,457 | -€131,534 | -28.6% |
| Operating profit (loss) | 9901 | €138,346 | €38,071 | -€100,275 | -72.5% |
| Financial income | 75/76B | €13,880 | €33,265 | +€19,385 | +140% |
| Recurring financial income | 75 | €13,880 | €33,265 | +€19,385 | +140% |
| Financial charges | 65/66B | €50,106 | €50,277 | +€171 | +0.3% |
| Recurring financial charges | 65 | €50,106 | €50,277 | +€171 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €102,120 | €21,059 | -€81,061 | -79.4% |
| Income taxes | 67/77 | €25,961 | €2,265 | -€23,695 | -91.3% |
| Profit (loss) for the period | 9904 | €76,159 | €18,794 | -€57,365 | -75.3% |
| Transfer from tax-exempt reserves | 789 | - | €92,620 | +€92,620 | |
| Transfer to tax-exempt reserves | 689 | €61,045 | €0 | -€61,045 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €15,114 | €111,414 | +€96,300 | +637% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.